Found cheap home - Posted by Gerald(NC)

Posted by Gerald on June 14, 2005 at 06:46:13:

No one has lived there for a while since it’s been forclosed so I don’t know what kind of insurance may have been on it.

I’m really concidering flipping it if I can get it for $5k or less. I got the contact info last night, so I can call’m today. Of course it’s bank held, but under a realtor name, Century 21.

Thanks for the advice.

Found cheap home but…fire? - Posted by Gerald(NC)

Posted by Gerald(NC) on June 13, 2005 at 12:27:53:

Found a forclosed Brick home for $9,900 lol. Was listed for $40k. Last time it was sold, it was sold for $80k. Looks like it’s a 3 bed 1-2 bath and full basement. Probably around 1500+ sq. ft. On dead end street. Atleast one fireplace.

Problem? Has had a basement fire. Not terrible, but pretty bad. Joist look 1/4 toasted :P. Couldn’t see where it had totally “burned” through the floor, but there is some upstairs damage. Some roof wholes. Ceiling tiels of course falling due to the water. Insulation trashed of course. All windows broken. Some walls show a lil “burntness”. Inside walls are like tounge and groove wood, not sure of actual condition. Old kitchen, yet rather open to the family room. Concrete poorch, almost wrap around, but no overhang/roof on it. Sort of a mordern roof/asian style roof(? lol).

Dang tempting as a rehab or flip for such a price, and could probably get it for even less, maybe say

Re: Found cheap home but…fire? - Posted by snow

Posted by snow on June 13, 2005 at 21:26:04:

Get it as low as possible and flip. Don’t try to rehab.

Re: Found cheap home but…fire? - Posted by Sean

Posted by Sean on June 13, 2005 at 12:35:38:

Fire rehabilitation can be far more than what you can “SEE”… My personal advice is, that you don’t want your first rehab to be a fire damaged home…

Fire almost certainly destroyed plumbing if it was of any significance (all those sweat joints in the place now likely leak… electrical too may need to be completely gutted and replaced, as plastic melts… Not to mention seen and unseen structural issues as a result of the fire.

I really, personally would not recommend fire damage as a first rehab. It is very easy to underestimate how much repair is needed and how much that repair is going to cost.

You can have a restoration service come look at the property and give you some estimates so you have a better idea… but honestly, first deal I definately would not do it.

Re: Found cheap home but…fire? - Posted by dealmaker

Posted by dealmaker on June 13, 2005 at 19:41:37:

Walk on by! I’ve been doing this for almost 30 years and I’ve done fire rehabs, I’LL NEVER DO ANOTHER ONE. In many jurisdictions any place that is more than 50% destroyed (and this is!), must be rebuilt with everything AT CURRENT SPECS.

The last one I did like this included bringing the square footage up to the current minimum for the neighborhood. That almost made it not fit on the lot and gave me kind of an odd shape house.

What would the vacant lot be worth?

What would it cost to scrape and dispose of everything that’s left?

Why hasn’t the insurance company removed everything as an “attractive nuisance”, which is the usual practice.

goo luck